3+ best Interactive Brokers alternatives & competitors in 2023

By:

Max Adams

Max was the Editor of Education for Invezz from 2019-2021, overseeing the wider investment educational strategy. He has written… read more.

Updated: Jun 29, 2023

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82% of retail CFD accounts lose money.

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Recent decisions by Interactive Brokers to restrict trading have led to many users looking for an alternate app to place trades.

Compare the cost of trading and the available range of financial markets to learn if you can trust Interactive Brokers, or whether it’s better to find the best Interactive Brokers alternative.

Quick take: best alternatives to Interactive Brokers 2023

Top 10 Interactive Brokers alternatives & similar sites

1. eToro. Best for beginners, copy-trading & demo-account

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2900

No. assets

$10

Minimum deposit

Stocks

Platform type

Pros & Cons

Great for beginners, simple to set up and get started Zero commission stock trading Popular ‘CopyTrader’ function lets you follow top traders Excellent customer service, with live chat support provided Over 2,000 CFDs available to trade

Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because you can trade more than 3,000 stocks, commission free. When you buy stocks on eToro, you’re buying the underlying asset, which means you can earn dividends. Or you can trade fractional shares, which means you can invest in even the most expensive stock from just $10.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the stock market every day, browse the latest analyst opinion about every one of those stocks, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: Stock and ETF trades are commission free. Stock CFDs are charged a 0.15% spread and overnight fees can apply. You can deposit money for free but you have to pay $5 per withdrawal, and there’s a minimum withdrawal of $30. A $10 per month activity fee is charged if you don’t log in for a year.

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77% of retail CFD accounts lose money.

2. Public. Best for sharing beginner trading ideas

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...

No. assets

...

Minimum deposit

Stocks

Platform type

Pros & Cons

Commission free stock and ETF investing Share and compare your portfolio on a social trading platform Trade crypto, fractional shares, and alternative investments

You can't trade on margin or use leverage No forex, options, funds, metals, or bonds

Overview

We love Public because it’s a social platform where you can share trading tips and get ideas from other people. Public offers 9,000+ financial instruments, including cryptocurrencies and stocks from around the world.

Alongside a community of other investors all sharing their ideas, Public offers real time news and information so that you can see the full picture before you invest. And the assets don’t just include your run-of-the-mill assets; you can make alternative investments in things like handbags and comic books as well.

The fees: There are no fees for investing in stocks during regular trading hours in the US – 9.30am-4pm EST. There is a $2.99 fee for trades outside of regular hours.

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Compare similar apps to Interactive Brokers

We have assigned each Interactive Brokers alternative a rating to give you an idea of the overall service each trading platform provides. The score, alongside a snapshot of some important features, allow us to quickly summarise Interactive Brokers’s top competitors.

How the best Interactive Brokers alternative was found

We found alternative stock brokers to Interactive Brokers by reviewing what most closely matched Interactive Brokers in terms of the business model, licensing & operations, cost of trading, target audience, and financial markets available.

We ranked each alternative on these factors while taking into account all available user-reviews across services like Trustpilot, Reviews.io, and Sitejabber, to find the services that offered similar apps to Interactive Brokers.

Here are some more of the features we used to identify the best Interactive Brokers alternatives.

• Best low fee Interactive Brokers alternatives. The main cost of using a stock broker comes from trading fees or commissions but there may be other fees as well. We considered the overall cost of using a different trading platform, including inactivity fees, spreads, and conversion fees.
• Best Interactive Brokers alternatives for beginners. Beginner-friendly Interactive Brokers alternatives provide an intuitive app and trading experience that helps you make your first steps in trading. The most important feature it must offer is a free demo account, while features like copy or social trading can be useful as well.
• Best Interactive Brokers competitors with similar products. We picked out trading platforms where the markets and number of assets available most closely resembled Interactive Brokers. Good Interactive Brokers alternatives offer a large, varied range of financial products.
• Most secure Interactive Brokers alternative. All the Interactive Brokers competitors we recommend are regulated by top tier financial regulators to protect you and your money. We also look for similar apps to Interactive Brokers that are transparent about their finances and how they store customer funds.
• Best Interactive Brokers competitors with highest user reviews & customer ratings. Real life experience of using a trading platform is important. We identified the most popular platforms by comparing those with the best average ratings and most positive user reviews.

Best low fee alternatives to Interactive Brokers

You don’t want to switch trading platforms only to pay more for the service. Here’s how Interactive Brokers alternatives compare in terms of how they make their money:

Best Interactive Brokers alternative for beginners

Interactive Brokers is targeted towards beginners, so any competitor should provide a helpful experience to new users as well. Here is a comparison of beginner-friendly features available from Interactive Brokers’ competitors:

Interactive Brokers competitors with similar products

A Interactive Brokers alternative should allow you to invest into a similar range of stock assets and financial markets. That way, you can invest in the same products even if you switch brokers. Here’s how the competitors compare to Interactive Brokers:

Most secure Interactive Brokers alternative

Regulation is important because it offers you financial protection in the event that something happens to the broker, like a bankruptcy. Here are how the top alternatives fare against Interactive Brokers in terms of regulatory protection.

Best Interactive Brokers competitors with highest user reviews & customer ratings

We gathered data from independent review platforms to show what the experience of using a Interactive Brokers alternative was like for other people. 

This information can be a useful tool to help you decide which trading platform to use, but remember that there are many reasons why someone might have a good or bad experience with a service – and not all of them are the platform’s fault.

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